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Los Angeles Times Media Group takes step to go public

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Los Angeles Times Media Group takes step to go public

The Los Angeles Times Media Group, which includes the 144-year-old newspaper, a digital production studio and a gaming company, is moving forward to make shares in the combined entity available to the public, the company announced Thursday.

The company plans a round of private placement financing aimed at attracting large investors, private equity groups and institutions. The move will be followed by a Regulation A offering, which will make shares available on the New York Stock Exchange, where it will be listed under the ticker symbol of LAT.

Dr. Patrick Soon-Shiong, chairman and chief executive of Los Angeles Times Media Group, said in an interview that he is looking to raise up to $500 million to build the company into a financially sustainable operation with the newspaper’s journalism at its core.

The private placement offering will consist of Series A preferred stock that carries a 7% annual interest rate and is convertible into common stock at a 25% discount of the potential price of shares offered to the public. Accredited investors can invest as little as $5,000.

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Digital Offering LLC is the placement agent for the offering. Details are on a dedicated website: Join.LATimes.com.

The Securities and Exchange Commission defines accredited investors in a Regulation A offering as individuals with a net worth of $1 million, excluding their primary residence or annual income of more than $200,000 in the last two years. The threshold is $300,000 with a spouse.

The newly named Los Angeles Times Media Group will integrate the newspaper and its digital operations with Soon-Shiong’s NantGames, a San Diego-based company involved in interactive gaming and esports; and LA Times Studios, which creates content for podcasting and streaming, and stages live events. LATMG will also include NantStudios, a digital studio that provides services for video and film production.

The company said in a statement that the four units will operate under “one unified content management and streaming platform, designed to accelerate premium content, live events, and community engagement.”

In an interview, Soon-Shiong acknowledged the Los Angeles Times has faced significant financial losses in recent years, but said the combined operation of LATMG as proposed in the offering is currently close to break-even.

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“We are now at a place of efficiency,” he said.

Soon-Shiong said he will not entertain offers to acquire the Los Angeles Times operations.

“We committed as a family to support and maintain the integrity of the whole newsroom together with activating this platform so we can engage with a broader global audience,” he said.

Like other legacy media businesses, the Los Angeles Times has been challenged by declining subscription and advertising revenue as readers have moved away from their newspaper habit in favor of digital platforms.

The average weekly print circulation for the newspaper is about 100,000, while direct paid digital subscriptions are 243,000, substantially below national competitors such as the New York Times and the Wall Street Journal. A total of 500,000 paying customers access L.A. Times content across all digital platforms.

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As the company struggles with declining revenue, the Los Angeles Times newsroom has endured several rounds of layoffs, including a more than 20% staff reduction in 2024.

The staff represented by the Los Angeles Times Guild has been in negotiations for a new contract for three years. On Thursday, the guild announced its membership has authorized leadership to call for a strike by an 85% margin.

“These negotiations have dragged on for far too long, and today’s vote results show that our members are fed up,” Matt Hamilton, chair of the L.A. Times Guild and an investigative reporter, said in a statement. “Now is the time for management to come to the table with a proposal that is truly fair for our members and helps restore The Times.”

Before the strike authorization vote was announced, Soon-Shiong said management is in “constant communication” with the guild and did not believe the lack of a contract will concern potential investors.

“This is a business and not a philanthropic exercise,” Soon-Shiong said.

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Soon-Shiong was not available to comment on the strike authorization vote, which was announced after the interview.

In 2018, Soon-Shiong purchased the L.A. Times, the San Diego Union-Tribune and several community newspapers in a $500-million deal. His investment in the paper has since grown to more than $750 million.

The sale returned The Times to local control after a turbulent 18 years of ownership by Chicago-based Tronc. In 2023, he sold the San Diego Union-Tribune to MediaNews Group.

Soon-Shiong built his fortune through pioneering pharmaceutical and biotech ventures, including cancer treatments.

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Disneyland Resort President Thomas Mazloum named parks chief

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Disneyland Resort President Thomas Mazloum named parks chief

Disneyland Resort President Thomas Mazloum has been named chairman of Walt Disney Co.’s experiences division, the company said Tuesday.

Mazloum succeeds soon-to-be Disney Chief Executive Josh D’Amaro as the head of the Mouse House’s vital parks portfolio, which has become the economic engine for the Burbank media and entertainment giant. His purview includes Disney’s theme parks, famed Imagineering division, merchandise, cruise line, as well as the Aulani resort and spa in Hawaii.

Jill Estorino will become the head of Disneyland Resort in Anaheim. She previously served as president and managing director of Disney Parks International and oversaw the company’s theme parks and resorts in Europe and Asia.

Estorino and Mazloum will assume their new roles on March 18, the same day as D’Amaro and incoming Disney President and Chief Creative Officer Dana Walden.

“Thomas Mazloum is an exceptional leader with a genuine appreciation for our cast members and a proven track record of delivering growth,” D’Amaro said in a statement. “His focus on service excellence, broad international leadership and strong connection to the creativity that brings our stories to life make him the right leader to guide Disney Experiences into its next chapter.”

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Mazloum had been about a year into his tenure at Disneyland. Before that, he was head of Disney Signature Experiences, which includes the cruise line. He was trained in hospitality in Europe.

In his time at Disneyland, Mazloum oversaw the park’s 70th anniversary celebration and recently pledged to eliminate time limitations for park-hopping, which are designed to manage foot traffic at Disneyland and California Adventure.

Mazloum will now oversee a 10-year, $60-billion investment plan for Disney’s overall experiences business, which includes new themed lands in Disneyland Resort and Walt Disney World. At Disneyland, that expansion could result in at least $1.9 billion of development.

The size of that investment indicates how important the parks are to Disney’s bottom line. Last year, the experiences business brought in nearly 57% of the company’s operating income. Maintaining that momentum, as well as fending off competitors such as Universal Studios, is key to Disney’s continued growth.

In his new role, Mazloum will have to keep an eye on “international visitation headwinds” at its U.S.-based parks, which the company has said probably will factor into its earnings for its fiscal second quarter. At Disneyland Resort, that dip was mitigated by the park’s high percentage of California-based visitors.

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Times staff writer Todd Martens contributed to this report.

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What soaring gas prices mean for California’s EV market

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What soaring gas prices mean for California’s EV market

It has been a bumpy road for the electric vehicle market as declining federal support and plateauing public interest have eaten away at sales.

But EV sellers could soon receive a boost from an unexpected source: The war in Iran is pushing up gas prices.

As Americans look to save money at the pump, more will consider switching to an electric or hybrid vehicle. Average gas prices in the U.S. have risen nearly 17% since Feb. 28 to reach $3.48 per gallon. In California, the average is $5.20 per gallon.

Electric vehicles are pricier than gasoline-powered cars and charging them isn’t cheap with current electricity prices, but sky-high gas prices can tip the scales for consumers deciding which kind of vehicle to buy next.

“We probably will see an uptick in EV adoption and particularly hybrid adoption” if gas prices stay high, said Sam Abuelsamid, an auto analyst at Telemetry Agency. “The last time we had oil prices top $100 per barrel was early 2022 and that’s when we saw EV sales really start to pick up in the U.S.”

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In a 2022 AAA survey, 77% of respondents said saving money on gas was their primary motivator for purchasing an electric vehicle. That year, 25% of survey respondents said they were likely or very likely to purchase an EV.

As oil prices cooled, the number fell to16% in 2025.

In California, annual sales of new light-duty zero-emission vehicles jumped 43% in 2022, according to the state’s Energy Commission. The market share of zero-emission vehicles among all light-duty vehicles sold rose from 12% in 2021 to 19% in 2022.

“Prior to 2022, we didn’t really have EVs available when we had oil price shocks,” Abuelsamid said. “But every time we did, it coincided with a move toward more fuel-efficient vehicles.”

Dealers are anticipating a windfall.

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Brian Maas, president of the California New Car Dealers Assn., predicted enthusiasm for EVs will rebound across California if oil prices don’t come down.

“If prior gasoline price spikes are any indication, you tend to see interest in more fuel-efficient vehicles,” he said.

Rising gas prices could be a lifeline for EV makers at a time when federal support for green cars has been declining.

Under President Trump, a federal $7,500 tax incentive for new electric vehicles was eliminated in September, along with a $4,000 incentive for used electric vehicles.

In California, the zero-emission vehicle share of the total new-vehicle market was 22% through the first 10 months of 2025, then dropped sharply to 12% in the last two months of the year, according to the California Auto Outlook.

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Meanwhile Tesla, the most popular EV brand in the country, has grappled with an implosion of its reputation with some consumers after its chief executive, Elon Musk, became one of Trump’s most vocal supporters and helped run the controversial Department of Government Efficiency.

Over the last several months, Ford, General Motors and Stellantis have pared back EV ambitions.

Other automakers, including Nissan, announced plans to stop producing their more affordable electric models.

The Trump administration has moved to roll back federal fuel economy standards and revoked California’s permission to implement a ban on new gas-powered car sales by 2035.

David Reichmuth, a researcher with the Clean Transportation program in the Union of Concerned Scientists, said the shift in production plans will affect EV availability, even if demand surges.

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That could keep people from switching to cleaner vehicles regardless of higher gas prices.

“This is a transition that we need to make for both public health and to try to slow the damage from global warming, whether or not the price of gasoline is $3 or $5 or $6 a gallon,” he said.

According to Cox Automotive, new EV sales nationally were down 41% in November from a year earlier. Used EV sales were down 14% year over year that month.

To be sure, oil prices can fluctuate wildly in times of uncertainty. It will take time for consumers to decide on new purchases.

Brian Kim, who manages used car sales at Ford of Downtown LA, said he has yet to see a jump in the number of people interested in EVs, hybrids or more fuel-efficient gas-powered engines.

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Still, if the price at the pump stays stuck above its current level, it could happen soon.

“Once the gas prices hit six [dollars per gallon] or more and people feel it in their pocket, maybe things will start to change,” he said.

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Nearly 60 gigawatts of U.S. clean power stalled, trade group finds

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Nearly 60 gigawatts of U.S. clean power stalled, trade group finds

A total of 59 gigawatts of U.S. clean energy projects are facing delays at a time when demand for power from AI data centers is surging, according to a trade group study.

Developers are seeing an average delay of 19 months over issues such as long interconnection times, supply constraints and regulatory barriers, the American Clean Power Assn. said in a quarterly market report.

The backlog is happening despite the growing need for power on grids that are being taxed by energy-hungry data centers and increased manufacturing. The Trump administration has implemented a slew of policies to slow the build-out of solar and wind projects, including delaying approvals on federal lands.

The potential energy generation facing delays is the equivalent of 59 traditional nuclear reactors, enough to power more than 44 million homes simultaneously.

“Current policy instability is beginning to impact investor confidence and negatively impact project timelines at a time when demand is surging,” American Clean Power Chief Policy Officer JC Sandberg said in a statement.

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Despite the hurdles, developers were able to bring more than 50 gigawatts of wind, solar and batteries online in 2025, accounting for more than 90% of all new power capacity in the U.S., the report found. Clean power purchase agreements declined 36% in 2025 compared with 2024, signaling that the build-out of clean power in the U.S. could be lower in the 2028 to 2030 time period, according to the report.

Chediak writes for Bloomberg.

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